G.S. Precision, a portfolio company of AE Industrial Partners, has acquired F.T. Gearing Systems.
F.T. Gearing is a manufacturer of tight-tolerance gear components that are used in aircraft engines, actuators, and fuel systems. The company’s products include small gears for fuel management actuators and reverse thrust systems, to larger gears for jet engine fuel pumps.
F.T. Gearing has been family-owned since its founding in 1978 and today is led by CEO Graham Fitzgerald and Managing Director Nigel Fitzgerald. The company is based forty miles southwest of London in Aldershot, United Kingdom.
“As part of G.S. Precision, we will expand our footprint and gain access to new markets and customers,” said Graham Fitzgerald. “In a competitive market, our complementary offerings strongly position us to meet the growing demands of today’s largest aerospace and defense customers.”
G.S. Precision (GSP), a manufacturer of components and specialty hardware used in aero-engines and defense systems, was acquired by AEI in March 2020. The buy of F.T. Gearing is GSP’s second add-on acquisition and follows the March acquisition of New Hampshire-based SMC Aerospace, a maker of hydraulic and fuel tubes that are used in aircraft engines.
GSP’s complex and high precision products are used in both new and aftermarket applications and are made from a range of materials from high-temperature nickel alloys and titanium to stainless steel and aluminum. The company’s two largest product lines are parts for commercial jet engines and missile guidance systems. GSP’s capabilities include CNC turning, machining, grinding, deburring, prototyping, and assembly.
“The acquisition of F.T. Gearing is truly transformational for GSP, providing us with new gear capabilities as well as an entry into F.T. Gearing’s blue-chip customers, furthering GSP’s position as a premier supplier within the global aerospace and defense ecosystem,” said Matt O’Connell, the CEO of GSP. “F.T. Gearing is a perfect fit with GSP, both in terms of corporate culture and its complex gear manufacturing capabilities, and our customers will benefit from an expanded solutions offering. I look forward to working with Graham and Nigel and the entire F.T. Gearing team as we grow the business together.”
G.S. Precision was founded in 1958 by George Schneeberger and is headquartered 100 miles northwest of Boston in Brattleboro, Vermont.
Boca Raton-based AEI invests in the aerospace and defense, power generation, and specialty industrial sectors. Typical company targets will have from $50 million to $500 million of revenue. In July 2018, the firm held a final hard-cap closing of its second private equity fund, AE Industrial Partners Fund II LP, with $1.36 billion in commitments.
© 2022 Private Equity Professional | May 12, 2022